Department of Management Services

Deferred Retirement Option Program (DROP)

The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover or a combination partial lump sum payment and rollover. Monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus any applicable cost-of-living adjustments for intervening years. For more information, see the latest version of the DROP guide().

FRS Quick Clips

DROP Retirement - PowerPoint presentation that discusses the eligibility and application process for FRS Pension Plan members planning to participate in the Deferred Retirement Option Program.

Benefit Payment Options - PowerPoint presentation that explains the differences between the four benefit payment options available to FRS Pension Plan members when they enter DROP.

DROP Termination Process - PowerPoint presentation that explains the process for a member participating in DROP to terminate and begin receiving their monthly benefits along with their DROP payout.

Helpful Links and Resources

Preparing to Terminate DROP() - Pamphlet that explains what to expect when you terminate DROP (the forms to submit, when you will begin receiving monthly benefits, etc.). It also includes a special notice providing tax information affecting DROP payouts to help you decide how to receive your DROP benefits.

DROP Rollovers to FRS Investment Plan -
If you are a former or current DROP participant, you can elect to roll your DROP accumulation into the FRS Investment Plan as an investment alternatives. If you have questions about this option, call the toll free help line at 866-446-9377, Option 1, or visit the MyFRS website.

When you apply to retire and enroll in DROP, you must choose a termination date. The chart below allows you to easily determine your maximum DROP termination date, based on your DROP begin date (assuming that you have 60 months of DROP eligibility*). Using this chart will help you avoid selecting an invalid DROP termination date.

Begin and End Dates for Five Year Participation Periods in DROP

Begin 2018 - End Date

Begin 2019 - End Date

Begin 2020 - End Date

1/1/2018 - 12/31/2022

1/1/2019 - 12/31/2023

1/1/2020 - 12/31/2024

2/1/2018 - 1/31/2023

2/1/2019 - 1/31/2024

2/1/2020 - 1/31/2025

3/1/2018 - 2/28/2023

3/1/2019 - 2/28/2024

3/1/2020 - 2/28/2025

4/1/2018 - 3/31/2023

4/1/2019 - 3/31/2024

4/1/2020 - 3/31/2025

5/1/2018 - 4/30/2023

5/1/2019 - 4/30/2024

5/1/2020 - 4/30/2025

6/1/2018 - 5/31/2023

6/1/2019 - 5/31/2024

6/1/2020 - 5/31/2025

7/1/2018 - 6/30/2023

7/1/2019 - 6/30/2024

7/1/2020 - 6/30/2025

8/1/2018 - 7/31/2023

8/1/2019 - 7/31/2024

8/1/2020 - 7/31/2025

9/1/2018 - 8/31/2023

9/1/2019 - 8/31/2024

9/1/2020 - 8/31/2025

10/1/2018 - 9/30/2023

10/1/2019 - 9/30/2024

10/1/2020 - 9/30/2025

11/1/2018 - 10/31/2023

11/1/2019 - 10/31/2024

11/1/2020 - 10/31/2025

12/1/2018 - 11/30/2023

12/1/2019 - 11/30/2024

12/1/2020 - 11/30/2025

*Some members may be eligible for fewer months in DROP due to a late start; others may be eligible to extend their DROP participation by up to an additional 36 months. For more information, see the latest version of the DROP guide().